Maplebear’s (CART) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Maplebear (NASDAQ:CART) in a research report sent to investors on Wednesday,Benzinga reports.

Other equities research analysts also recently issued research reports about the company. Macquarie upped their price target on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. BMO Capital Markets upped their target price on shares of Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Robert W. Baird increased their price objective on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Morgan Stanley decreased their price objective on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 24th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Performance

Shares of CART opened at $42.00 on Wednesday. The stock has a market capitalization of $10.95 billion, a PE ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12. The company’s 50-day simple moving average is $42.17 and its 200-day simple moving average is $36.61. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business earned ($20.86) EPS. On average, sell-side analysts predict that Maplebear will post 1.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 118,710 shares of company stock valued at $4,978,164. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently bought and sold shares of CART. Pacer Advisors Inc. acquired a new position in shares of Maplebear during the third quarter worth about $158,701,000. Geode Capital Management LLC boosted its holdings in Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Maverick Capital Ltd. boosted its holdings in Maplebear by 19.7% in the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after purchasing an additional 441,156 shares in the last quarter. State Street Corp increased its position in Maplebear by 48.3% during the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares during the period. Finally, Southpoint Capital Advisors LP raised its stake in shares of Maplebear by 56.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after buying an additional 900,000 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.